Every laundromat owner is concerned about obtaining adequate protection for their business. Insurance premiums are often higher than most people like, however. There are many factors that affect a policys premium. Some you cant control, such as the state you live in, the age of your building or the crime rate in your area. Fortunately, taking some prudent steps to alter other factors can result in a lower monthly rate and significant savings.
Educate Your Employees on Safety Protocol
In many instances a spike in laundromat insurance premiums is the result of internal incidents. Negligent cleaning practices and operation of equipment can damage clothing, upset customers, harm employees and cause your machinery to go on the fritz. Your general liability, errors and omission insurance and workers compensation can all be affected by an uneducated work force. Take the time to ensure thorough training of all your employees, and hold them accountable if they do not meet expectations.
Consider Upgrading Your Equipment
Premiums tend to be higher for older equipment that has a risk of breaking more often, and that needs replacement parts that are hard to find. Investing in more modern washers, dryers and irons can qualify you for more affordable coverage, not to mention lower utility bills to boot.
Your laundromat insurance premium doesnt have to be expensive. Critically assessing the state of your business and implementing a few simple changes can have big payoffs.